When managing a franchise, the mechanisms of the nationwide franchisor interact with the local activities of the franchisee. The conviction and long-term loyalty of a customer base is particularly important for the franchising business, as only a long-term satisfied and returning clientele can sustain the success of a franchise brand. Among other things, gaining and maintaining attention, generating interest in buying and the customer's positive experience with the franchising brand play important roles. In this article, Engel & Völkers highlights the key customer retention methods and outlines how they work in the real estate franchise.
Marketing strategy in franchising: requirements in the franchise concept
Since you, as a franchisee, have chosen the path of a given franchise concept with your investment, many aspects of the franchisor's preparatory work are already taken care of in the preparation of your marketing strategy. As a rule, the franchisor has already established a fixed range of services and has defined an appropriate target group that includes specific characteristics such as age, gender, purchasing power and interests. For the basic structure of a functioning customer loyalty - the satisfaction of the customers with the offered products - within a franchise concept is already taken care of.
In your function as a franchisee, however, you have limited influence on the design of the marketing strategy of your franchising company: For example, you can determine the location and the nature of the premises of your new franchising business. Above all, you should make sure that you choose a location that is frequently frequented by the chosen target group. Typically, this is already a key part of your business plan, which you have worked out for contract negotiation with the franchisor.
Area of influence of the franchisee: corporate communications
An elemental tool of customer retention is embodied in the overall presentation of your franchising business. This aspect includes a number of measures that you, as a franchisee, can take to your advantage.
Use appropriate advertising - especially in local media such as radio or newspapers - to ensure that your offer has a high awareness, that attracts the interest of the target group and encourages them to buy your products. This way, you supplement the franchisor's national advertising efforts so that you cover all relevant advertising channels. The distribution of information or promotional material such as flyers, business cards or giveaways draws the attention of the target group to your company, presents a first impression of the offer and can recall your qualities for first time customers. If you also take part in local street festivals, fairs and other events with a tradeshow setup customized to your company, you will achieve similar effects.
Digitalization and social media are on everyone's lips - showcase your franchise business online by posting comprehensive information about your offers on your business website. Individual information, such as the presentation of your team or a tour of your premises, emotionalize the image of your company and offer customers the opportunity to identify with your franchise concept. Regular postings on social networks like Facebook, Instagram or Twitter regularly put your business back in the focus of old customers or prospects who have subscribed to your pages, thus increasing their return potential.
A satisfied and motivated team in your franchise also has a positive impact on the experience of your customers: If a customer feels that they are well-advised and treated friendly, they will keep your franchise and the franchise brand in great memory, which increases the chance that the first customer soon becomes a returning customer.
Customer loyalty in the real estate franchise
Since real estate as a large investment is not a regular customer purchase, in the real estate franchise, customer loyalty must be created and used in other ways. Engel & Völkers offers comprehensive services for the purchase or sale of real estate. Our franchisees also look after the customer after the keys have been handed over, establish contact with valuable third-party partners or take care of the smooth leasing of real estate. The consistently pursued service idea of Engel & Völkers leads to customers resorting to our offer or recommending it to friends and relatives, because of their satisfaction with the services of their real estate agent, even after several years. Our license-based territories provide our franchisees with numerous opportunities to take care of local marketing and build a reputation as a reputable real estate broker. Supported by the strong international brand Engel & Völkers, our franchise concept provides the ideal basis for starting a career as an independent real estate agent.
Are you interested in real estate franchising or would you like to start your own real estate business? As a multiple award winning franchisor Engel & Völkers is your partner for a smooth start in the industry. For further information please contact us by phone or e-mail!